One of the key selling points for any rental unit is its appearance, but fixing something up doesn’t have to cost tens of thousands of dollars unless you have a lot of units. While you do want the home to look contemporary, modern, and beautiful, you don’t have to invest big to get the results you want. So, how do you renovate without spending big bucks? Consider these Woodinville property management tips for getting the job done right.
Assess the Damage
The first step is to assess the damage and see where you stand. In this case, damage is actual damage to the house or unit. You want to pay close attention to any issues that could come up while you are renting out the house like old plumbing, faulty toilets, loose plaster, or water damage. If you have actual issues, taking the time to fix them now will save you a lot of money and hassle in the future when you have tenants in the home.
Spending a few hundred dollars on paint now can make a home look twice as good, and if you DIY, you won’t be out more than $100 a room, even if you spend on the more expensive paint. If you have just a few units that need repair, then DIY is great, but if not, consider looking for a company that can give you a discount for repainting all of your units. Consider light in-style colors like beige, grey, and eggshell white rather than bright colors like white, or colors with more personality that might throw someone off. You want the home to be contemporary, modern, and likeable for as many different types of people as possible.
Flooring can be expensive so if the unit already has good flooring in it then go ahead and skip this step. However, you can increase rental rates and rent out units faster by making sure that the flooring is installed well, clean, and quality. Consider going for click board or laminate flooring because it’s cheap, easy to install, and exudes the luxury of real wood if you choose correctly. Carpeting sounds luxurious but it’s difficult to clean, can start to smell if you have the wrong tenants, and is messy if the tenants have kids. Once again, if you just have a few units, you can save hundreds by doing it yourself, but otherwise look for a flooring company willing to do the whole complex for the one lower price.
It might seem strange but you can drastically improve the look and feel of a home by making small changes inside. For example, swapping out all of the knobs and handles in the kitchen for matching contemporary ones, installing a $75-$110 sink, or installing a new spout in the bathroom or the kitchen can make a living area look like new.
Remember that if you have big spend areas, they should be the bathroom and the kitchen. Most families base their end decision on these two areas, so you want to make sure they look good. If the unit is pre-furnished, remember that you can do a lot with inexpensive backdrops and paint for a lot less than replacing appliances. If you do have working appliances, just give them a good scrub to clean them up and leave them.